Zacks Investment Research lowered shares of Goldcorp (NYSE:GG) (TSE:G) from a buy rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Goldcorp is progressing well with its key development projects. It also remains focused on reducing mining costs and improving productivity. However, the company’s weakening production is a concern. Moreover, it has a debt-laden balance sheet. Goldcorp is also exposed to a volatile gold pricing environment. It has also underperformed the industry it belongs to over the past six months.”
Several other research firms have also commented on GG. JPMorgan Chase & Co. lifted their price target on shares of Goldcorp from $16.00 to $18.00 and gave the company an overweight rating in a research report on Wednesday, November 15th. HSBC lowered shares of Goldcorp from a buy rating to a hold rating and set a $14.80 price target on the stock. in a research report on Wednesday, November 22nd. Jefferies Group set a $13.00 price target on shares of Goldcorp and gave the company a hold rating in a research report on Thursday, October 19th. Scotiabank reduced their price target on shares of Goldcorp from $18.00 to $17.00 and set an outperform rating on the stock in a research report on Monday, October 30th. Finally, Royal Bank of Canada set a $15.00 price target on shares of Goldcorp and gave the company a hold rating in a research report on Monday, October 23rd. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $16.58.
The company also recently announced a quarterly dividend, which was paid on Friday, December 22nd. Shareholders of record on Thursday, December 14th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date of this dividend was Wednesday, December 13th. Goldcorp’s payout ratio is 13.33%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Moors & Cabot Inc. raised its position in Goldcorp by 1.1% in the second quarter. Moors & Cabot Inc. now owns 24,454 shares of the basic materials company’s stock valued at $313,000 after purchasing an additional 275 shares during the period. Lehman Financial Resources Inc. raised its position in Goldcorp by 0.4% in the second quarter. Lehman Financial Resources Inc. now owns 68,701 shares of the basic materials company’s stock valued at $891,000 after purchasing an additional 300 shares during the period. Stifel Financial Corp raised its position in Goldcorp by 0.7% in the second quarter. Stifel Financial Corp now owns 58,951 shares of the basic materials company’s stock valued at $761,000 after purchasing an additional 430 shares during the period. Highlander Capital Management LLC raised its position in Goldcorp by 4.7% in the second quarter. Highlander Capital Management LLC now owns 11,125 shares of the basic materials company’s stock valued at $142,000 after purchasing an additional 500 shares during the period. Finally, IHT Wealth Management LLC purchased a new stake in Goldcorp in the second quarter valued at approximately $1,441,000. 53.41% of the stock is currently owned by institutional investors.
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Goldcorp Inc is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company is engaged in the sale of gold, silver, lead, zinc and copper. The Company’s segments include Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito SA de C.V.
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